India, May 14 -- The Union Cabinet on Wednesday approved the setting up of a Rs.3,700 crore semiconductor manufacturing facility close to Uttar Pradesh's Jewar town.

The facility is a joint venture between tech majors HCL and Foxconn.

This is the sixth semiconductor unit that will be set up in India.

In a statement, the Union Cabinet said: "HCL has a long history of developing and manufacturing hardware. Foxconn is a global major in electronics manufacturing. Together they will set up a plant near Jewar airport in Yamuna Expressway Industrial Development Authority or YEIDA."

This plant will manufacture display driver chips for mobile phones, laptops, automobiles, PCs, and myriad of other devices that have display.

As per the governme...